European oil refineries will have to adapt to the energy transition or face a heightened risk of closure by 2035, a panel of executives said at the Financial Times Commodities Global Summit in Lausanne on Monday.
The article from MSN discusses the future of European oil refineries, predicting that over the next decade, many will either close or convert to biofuel production due to various pressures. According to a panel at the European Refining Summit, the European refining sector is facing challenges from declining demand for traditional fuels, stringent environmental regulations, and the push towards greener energy alternatives. The shift is driven by the EU's commitment to reducing carbon emissions, with policies promoting electric vehicles and renewable energy sources. This transition is expected to lead to a significant reduction in the number of refineries, with some facilities being repurposed to produce biofuels, which are seen as a more sustainable alternative. The panel highlighted that while this transformation poses economic challenges, it also presents opportunities for innovation and adaptation in the energy sector.
Automotive & Transportation
